Understandably, many have been wondering what effect Hurricane Sandy will have on the East End's real estate market. There was a noticeable pause in new listings, price changes, and sales over the last few weeks as the area turned its attention to cleanup and away from summer homes. The full extent of the superstorm's impact won't be known until 4th quarter numbers are tallied, but there are signs that things are getting back on track.
Case in point: This $7.95M listing on East Hampton's Lee Avenue recently clicked over to "In Contract" on HREO after hitting the market late last month. Built in 1900 by George A. Eldrege?the man responsible for bringing the infamous gambrel style to the Hamptons?the "John D. Stokes House" is one of the "original summer colony cottages" and was even featured in East Hampton's Heritage: An Illustrated Architectural Record. Set on over 1.1 acres, the three-story home offers eight bedrooms, six baths, a kitchen with breakfast corner, first and second story sleeping porches, and a wrap-around front porch. The property also features mature landscaping as well as a two-story carriage house.
As we wait for the final purchase price to be made public, feel free to leave your best guess in the comments.
· Listing: East Hampton Village Estate [Brown Harris Stevens]